Meredith Corporation (MDP) To Go Ex-Dividend on November 29th
Meredith Corporation (NYSE:MDP) announced a quarterly dividend on Wednesday, November 8th, RTT News reports. Shareholders of record on Thursday, November 30th will be given a dividend of 0.52 per share on Friday, December 15th. This represents a $2.08 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Wednesday, November 29th.
Meredith Corporation has raised its dividend by an average of 6.7% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Meredith Corporation has a payout ratio of 61.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Meredith Corporation to earn $3.87 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.7%.
Shares of Meredith Corporation (NYSE MDP) opened at $60.15 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 0.64. Meredith Corporation has a 12 month low of $50.63 and a 12 month high of $66.25. The company has a market capitalization of $2,687.26, a PE ratio of 15.31, a price-to-earnings-growth ratio of 4.55 and a beta of 1.20.
Meredith Corporation (NYSE:MDP) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Meredith Corporation had a return on equity of 18.24% and a net margin of 11.04%. The company had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $397.50 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. equities research analysts predict that Meredith Corporation will post 3.39 EPS for the current year.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Meredith Corporation from a “sell” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, October 31st. ValuEngine upgraded Meredith Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price objective on shares of Meredith Corporation in a report on Wednesday, August 9th. BidaskClub lowered Meredith Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Finally, Wells Fargo & Company cut their price objective on Meredith Corporation from $62.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, October 27th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Meredith Corporation currently has a consensus rating of “Buy” and a consensus price target of $60.60.
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About Meredith Corporation
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations.
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